A gap between highest and
lowest rate of Myanmar’s
pure gold was recorded at over
Ks150,000 in 2016, according to
the gold entrepreneurs.
Myanmar’s gold fetched Ks732,000 per tical in early January of 2016, whereas the price hit the recorded high of Ks900,500 per tical in October, 2016.
With the appreciation of the U.S. dollar and a high global gold price, domestic gold price reached the highest rate last year. The price dropped back in December, said U Zaw Aung, Tate Sein gold and jewellery shop owner.
Meanwhile, the global gold price reached the highest rate of US$1,400 per ounce and the lowest rate of US$1,050 per ounce, it is learnt. The exchange rate of the US dollar in early 2016 was Ks1,100 for one dollar and the rate has been on the rise since July, reaching up to Ks1,440 per dollar.
Previously, businessmen guessed the gold price on the basis of the price of petroleum and stock. However, the global gold price reached a high despite the drop in petroleum price. As a result, the gold entrepreneurs find it hard to guess the gold price in 2017.
Myanmar’s pure gold price was around Ks844,000 per tical in early January, 2017 whereas the global gold price is around US$1,100 per ounce, it is learnt.